Macquarie ETAC Oil Conference 2026

Research evidence excerpt

Macquarie ETAC Oil Conference 2026

le to select stocks in Asia/Australia/NZ

12-month target – Expected share price *equivalent fully paid ordinary weighted average number of

in 12 months Note: expected return is reflective of a Medium Volatility shares

Valuation – The company's estimated stock and should be assumed to adjust proportionately

All Reported numbers for Australian/NZ listed stocks are fair value share price based on the disclosed with volatility risk

modelled under IFRS (International Financial Reporting valuation methodology

Standards). Note: Quant recommendations may differ

from Fundamental Analyst recommendations

Recommendation proportions for quarter ending 31 Mar 2026

AU/NZ Asia USA

Outperform 66.90% 69.32% 67.14% (for global coverage by Macquarie, 1.93% of stocks followed are investment banking clients)

Neutral 27.18% 17.21% 32.86% (for global coverage by Macquarie, 0.40% of stocks followed are investment banking clients)

Underperform 5.92% 13.47% 0.00% (for global coverage by Macquarie, 0.00% of stocks followed are investment banking clients)

Company-Specific Disclosures

Company Name Disclosure

CNOOC (883 HK) Macquarie Capital Limited makes a market in the securities of CNOOC Ltd.

Underperform

12-month target: HK$17.80 - PER

Valuation: HKD 17.80 - PER

Price: HK$21.12

COSL (2883 HK) Macquarie Capital Limited makes a market in the securities of China Oilfield Services Ltd.

Outperform

12-month target:HK$10.62 - Sum of

Parts

Valuation: HKD 10.62 - Sum of Parts

Price:HK$6.27

Target Price Risk Disclosures

Company Name Risk Disclosure

Long-term Brent oil price falls to below US$50/bbl amid greater recession risks. COSL (2883 HK) •

Higher than expected capex from CNOOC. •

Oil price rally due to short-term escalation of US-Iran turmoil. CNOOC (883 HK) •